Morgan Stanley upgrades Intel (INTC, $52.93) to ‘Overweight’ and raises its price target to $64 from $55, saying the shares can rerate to a higher P/E now that the company has put a “more financially oriented CEO” in charge.

The firm thinks the P/E could expand to 14 from 12 via better portfolio optimization, a new mindset of optimizing free cash flow more than earnings and a higher standard of M&A accretion.

Intel could also undertake a much more aggressive streamlining and divesting of businesses that consume too much cash for too little return, says Morgan Stanley.

Macquarie upgrades Marvell Technology (MRVL, $19.27) to ‘Outperform’ with a price target of $24 based on valuation and growth potential. The firm thinks estimates have likely bottomed after the recent pre-announcement.

The storage market is positioned to recover in 2H’19 and there’s added benefits coming from the strong 5G tailwinds in 2020, says the firm. Also, Macquarie thinks Marvell should emerge as a key beneficiary from the geopolitical issues surrounding Huawei.

RBC Capital upgrades Shopify (SHOP, $174.35) to ‘Outperform’ and lifts its price target to $230 from $180 based on growth prospects in international markets.

Canaccord takes its target up to $190 from $165, saying it thinks the company is capable of scaling to revenue of $5 billion+ over the next five to six years. The firm likes the investments planned for this year in international markets.

Shares of Akamai Technologies (AKAM, $70.54) have rallied back to their 200-day moving average at $71.18 following last night’s Q4 report, which was above expectations on both the top and bottom lines.

On the RingCentral (RNG, $101.40) Q4 earnings call today after the close, investors will want to hear more about the company’s recently announced acquisition of Connect First, a cloud-based outbound/blended customer engagement platform for midsize and enterprise companies.

JP Morgan thinks the Connect First acquisition is directly targeted at improving RingCentral’s competitive position against Five9 (FIVN, $52.48). The firm says Five9’s integration of both inbound and outbound capabilities in one platform is frequently noted as a competitive advantage by customers.

The firm views Shopify as well positioned to capture share of both overall e-commerce wallet and enterprise commerce.

Wedbush thinks investors underestimate the potential of Shopify Plus. The firm sees the scalability of merchants on Shopify as an important trend, and believes it will lead to Plus market share gains in both the mid-market and smaller enterprise segments.

Shares of Electronic Arts (EA, $96.76) are rebounding 15% today on word that the company’s new free-to-play ‘Apex Legends’ battle-royale game reached more than 10 million active players in its first 72 hours, with 1 million+ concurrent players.

Baird thinks the early engagement numbers are impressive, and could lead to upside for the stock if user growth and monetization trends can maintain the game’s early momentum. For now, the firm maintains its EA price target of $90.

On Tuesday, EA shares fell to a low of $78 on disappointing earnings and guidance.

Paycom (PAYC, $169.14) shares today finished with a gain of 7.7% after the company last night delivered strong Q4 results, with revenue rising 32% to $150.3 million, vs. the consensus estimate of $144.1 million.

Paycom’s Q1 top-line guidance range of $194 million to $196 million came in above the consensus of $190.9 million.

KeyBanc raises its PAYC price target to $182 from $133 based on strong execution, improving margins and a 25%+ growth outlook.

For 2019, Paycom, a provider of cloud-based HCM solutions, looks for revenue of $710 million to $712 million, representing growth of 25.5% at the midpoint. In 2018, revenue rose 31% to $566.3 million.

Jefferies lifts its target to $180 from $139, saying the stock is not cheap, but the company is well-managed and should be able to show sustained, material growth and profits for years.

KeyBanc raises its Zendesk (ZEN, $74.55) price target to $92 from $71, pointing out that the company last night reported its highest revenue growth in two years. Q4 revenue advanced 41%, acceleration from +38% in Q3.

The firm believes Zendesk, provider of a cloud-based customer service platform, has a growth outlook that could justify further multiple expansion, as the company’s product portfolio and enterprise traction build through 2019.

Zendesk shares this morning are up more than 8%. Earlier, the stock hit a new all-time high at $78.78.

Zendesk is a long-term holding in the Tech-Stock Prospector Small-Cap Portfolio, added in March 2015, when the stock was trading at $22.76.

UBS remains positive on Alphabet (GOOGL, $1,132) following the release of Q4 results. The company produced solid revenue growth of 21.5% against fears of a slowdown and macro impact to digital advertising, says the firm.

While operating income margin volatility might detract from the revenue story, UBS thinks investors have a better understanding of the need for continued investment. Signals of moderating headcount and CapEx should point to relief from recent volatility, says the firm.

Shares of Paylocity (PCTY, $76.99) and Paycom (PAYC, $155.12), two cloud-based HCM software providers, are rising today in sympathy with Ultimate Software (ULTI, $332), which is going private in an $11-billion deal.

Paylocity is up 5.3%, while Paycom is gaining 2.8%.

The Ultimate deal is going out at about 8 times forward revenue.

With a market cap of $4.06 billion, Paylocity now trades at 8.9 times the FY’19 (June) consensus revenue estimate of $454.8 million (representing growth of 20.5%). In FY’18, Paylocity’s revenue was up 26%.

Paycom is a larger player, sporting a market cap of $9.09 billion. That’s 13x the 2019 consensus revenue estimate of $695.9 million (growth of 24.4%). Analysts expect 2018 growth to have come in at 29.2%.

Ultimate Software (ULTI, $277.83), a provider of cloud-based human capital management (HCM) solutions, will be taken private by an investor group led by Hellman & Friedman at $331.50 a share in cash in a deal worth roughly $11 billion.

The transaction price represents a 32% premium to Ultimate’s average price over the past 30 trading days, and a 19% premium to Friday’s close.

There’s a 50-day “go-shop” period. The deal is expected to close in mid-2019.

For 2019, analysts on average expect Ultimate revenue to reach $1.36 billion, representing growth of 19.9%.